Fintech reshaping consumer behaviour

by Madison Utley14 Jun 2019

A recent survey has revealed an unprecedented trend in the way in which young Australians are approaching their personal banking.  

The findings from Bankwest showed that nearly half of the millennial respondents (46.7%) that had a joint bank account with their partner were neither married, nor engaged at the time of entering into the financial commitment.

“The tools our customers are using today enable them to have total visibility and transparency of their accounts, set goals, and receive transaction alerts at the touch of a button,” said Pieter Vorster, Bankwest EGM of customer solutions and insights.

“Those tools and Gen Y’s affinity with tech helps minimise the anxieties of previous generations around joint bank accounts, so they can take the plunge before, well, taking the plunge.”

Comparatively, 84.2% of baby boomers and 77.3% of Gen X respondents with joint accounts waited to merge their finances until they were already married or engaged.

Vorster explained, “Joint accounts have traditionally been an institution of marriage due to the level of trust required, which offsets the advantages of convenience and financial strength in pooling funds.

“However, the tech tools available now are helping remove trust and anxiety as barriers for this generation, allowing people to focus on necessity and convenience as the key drivers.”

Additionally, a commanding 69.6% of millennial respondents reported being ‘very comfortable” with using technology and a fifth said they actively seek out new technology to manage their finances – a sentiment that just 10% of Gen X and 5% of baby boomers shared.